Corporate Law - REGULATORY UPDATES -A GIST OF IMPORTANT CIRCULARS/NOTIFICATIONS/GUIDELINES ISSUED BY THE AUTHORITY (IRDAI). Submitted, for information, the supervisory/ regulatory directions from IRDAI from 1st July 2021 to 31st October, 2021 . The Authority has issued certain Regulations/Guidelines/Circulars on issues as listed below: 1. Standards and B...
Read MoreCorporate Law - INSURANCE REGULATORY UPDATES –MAY, 2021 The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government the previous month ( April 2021) is being published in this bulletin. Sr. No. Particulars Page No. 1. IRDAI through Circular No. IRDAI/ACT/CIR/MISC/070/04/2021 dated 1st Apr...
Read MoreCorporate Law - The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government and IRDAI in the previous quarter ended on (31st March 2021) is being published in this bulletin. 1. IRDAI has issued Circular No. IRDA/ACT/CIR/MISC/001/01/2021 dated 1st January,2021 for providing clarification on I...
Read MoreCorporate Law - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...
Read MoreCorporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....
Read MoreCorporate Law - Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021 In exercise of the powers conferred by clauses (e) and (f) of sub section (2) of section 14 of Insurance Regulatory and Development Authority...
Read MoreCorporate Law - Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...
Read MoreCorporate Law - Ministry of Finance Finance Minister Smt Nirmala Sitharaman meets heads of insurance companies for faster claim settlement FM emphasizes for streamlining process and documentation requirements under the schemes for enabling speedy claims disbursement Under PMJJBY1.2 lakh claims ofRs. 2,403 crore paid with disposal rate of 99% since 1s...
Read MoreCorporate Law - The Authority is in receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies. In this regard, it is clarified that all General and Health Insurers are mandated to offer Corona Kavach Policy vide guidelines dated 26.06.2020....
Read MoreCorporate Law - A discussion paper on 'Increasing General Insurance penetration in rural areas with special focus on agriculture and allied activities through the concept of a Model Insured Village' has been issued by the Authority....
Read MoreNew India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....
Read MorePushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...
Read MoreRef. No: IRDA/ENF/ORD/ONS/283/11/2021 - (12/11/2021) - Post personal hearing, the SLA submitted some documents in support of their submission that they are sending regular reminders to the insured in case there is delay on the part of the insured in the submission of documents. However major portion of the documents are not related to the sample clai...
Read MoreOrder No.IRDAI/INT/ORD/MISC/269/10/2021 - (09/11/2021) - Reg.37(1) of the Regulations, which provides for ‘grant of single broking registration to one corporate group’. In terms of the above Regulations, one corporate group shall be given only one certificate of registration in the same category of broker. Therefore, multiple broking entities ...
Read MoreCircular No. IRDAI/F&A/CIR/MISC/262/10/2021 - (05/10/2021) - Insurers maintain separate current accounts with banks at different operational levels, i.e., Branch offices, Controlling offices, Corporate office, etc., for the purpose of premium collection, management expenses, policy payments, investment operations, etc. Maintenance of current accounts at diffe...
Read MoreCircular No. IRDA/ENF/ORD/ONS/ 260/10 /2021 - (04/10/2021) - The charge pertains to non-submission of requisite information by the Broker to the inspection team such as solicitation related documents, mandate letters, comparison chart, quotes, proposal form, policy documents, complaints related documentation etc....
Read MoreCirculars No. IRDAI/HLT/ORD/MISC/259/10/2021 - (04/10/2021) - TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rd June 2020. It is also...
Read MoreRef. No: IRDA/ENF/ORD/ONS/283/11/2021 - 12/11/2021
Order No.IRDAI/INT/ORD/MISC/269/10/2021 - 09/11/2021
Circular No. IRDAI/F&A/CIR/MISC/262/10/2021 - 05/10/2021
Circular No. IRDA/ENF/ORD/ONS/ 260/10 /2021 - 04/10/2021
Circulars No. IRDAI/HLT/ORD/MISC/259/10/2021 - 04/10/2021
Ref. No: IRDAI/F&A/CIR/MISC/256/09/2021 - 30/09/2021
REF: IRDAUF8t1/CIR/INV/255/09/2021 - 27/09/2021
No. IRDA/ENF/ORD/ONS/ 254/09/2021 - 20/09/2021
Orders No. IRDA/ENF/ORD/ONS/252/09/2021 - 20/09/2021